480,000 880,000 480,000 1.7 million 1.4 million 550,000 Source: ISO. $1.4 billion 880,000 480,000 1.7 million 1.4 million 550,000 Source: ISO. $3.5 billion $1.4 billion 880,000 480,000 1.7 million 1.4 million 550,000 Source: ISO. $4.5 billion $3.5 billion $1.4 billion 880,000 480,000 1.7 million 1.4 million 550,000 Source: ISO. $980 million $4.5 billion $3.5 billion […]
July 31, 2001
2 min read
Property and casualty insurers incurred US$4.4 billion in catastrophe-related property losses for the second quarter to end June this year, according to the Insurance Service’s Office (ISO).The nine catastrophic events, of which two storms generated more than US$1 billion in property losses, resulted in this year’s second quarter being the industry’s second worst comparative period […]
By Canadian Underwriter | July 20, 2001
2 min read
In the wake of Canada Day riots that rocked the city of Edmonton last week, insurers are stepping up to deal with claims from local businesses, says the Insurance Bureau of Canada (IBC). Estimates of damage are in the hundreds of thousands of dollars as a result of the uprising, which broke out early Canada […]
By Canadian Underwriter | July 6, 2001
1 min read
Law firms Gowling Lafleur Henderson LLP and Smith Lyons LLP have agreed to merge, forming the second largest practice in Canada. The new firm, operating under the Gowlings name, will have about 690 lawyers, second only to McCarthy Tetrault which has 730.Both firms practice insurance law, and are headquartered in Toronto. Over the past several […]
By Canadian Underwriter | July 5, 2001
1 min read
Net income for the U.S. property and casualty industry in the first quarter of the year dropped 5.4% compared with the same quarter last year, according to the Insurance Services Office Inc. (ISO) and the National Association of Independent Insurers (NAII). After-tax income fell from $5.9 billion in first quarter 2000 to $5.6 billion in […]
By Canadian Underwriter | June 25, 2001
2 min read
The U.S. attorney general, John Ashcroft, has announced his intention to seek settlement of the federal government’s pending multi-billion dollar lawsuit against the tobacco industry, which was initially launched in 1999 with the support of then U.S. president Bill Clinton. Claims made against the tobacco companies include provisions under the U.S. Racketeering Influenced and Corrupt […]
By Canadian Underwriter | June 20, 2001
2 min read
Residents of Lynnview Ridge, a neighborhood located in the southeast end of Calgary, Alberta, are demanding answers from the city with regard to an ongoing investigation into possible toxic contamination of the residential area. Soil tests released in mid-May of this year indicated lead and benzene levels of up to seven times higher than accepted […]
By Canadian Underwriter | June 20, 2001
1 min read
Following on the heels of its purchase of U.S. brokerage Kaye Group Inc., Canadian-based Hub International has picked up J.P. Flanagan Corporation. The Chicago brokerage has satellite offices in Baltimore, Cleveland, Denver and New York, and last year had annual commission revenue of about US$7 million.J.P. Flanagan, which deals in property, casualty and professional liability […]
By Canadian Underwriter | June 18, 2001
1 min read
An earthquake that shook Seattle and nearby areas in Washington and Oregon will cost insurers about $330 million, says a press release from the Insurance Services Office (ISO). The quake, which struck on February 28 and measured 6.8 on the Richter scale, resulted in over 13,500 claims from homeowners and businesses in the affected area. […]
April 30, 2001
1 min read
The failure last year of Quebec insurer GISCO put the Property and Casualty Insurance Compensation Corporation (PACICC) pre-fund system to the test, and now new changes are in the works. At the corporation’s recent annual general meeting, president and CEO Alex Kennedy notes that the existing provisions for the fund were “not as flexible as […]
March 31, 2001
2 min read